Exhibit 99.1
EDUCATIONAL DEVELOPMENT CORPORATION ANNOUNCES 1ST QUARTER RESULTS
TULSA, Okla., July 13 /PRNewswire-FirstCall/ -- Educational Development
Corporation (Nasdaq: EDUC) reported today net revenues for the 1st quarter ended
May 31, 2006 of $8,106,977 compared with $8,226,679 for the comparable period
last year. The Company reported net earnings of $696,648 compared with net
earnings of $745,200 for the previous year and basic earnings per share of $0.19
a share versus $0.20 for the same period a year ago.
The Company has experienced a shift in sales from independent bookstores to
national chains. While sales to national chains were up 5%, sales to the smaller
bookstores declined 11% resulting in an overall decline of 4% for the quarter
ended May 31, 2006 when compared with the same quarter last year. Home Business
Division maintained its market share with virtually the same revenue for the
quarters ended May 31, 2006 and 2005 respectively.
Educational Development Corporation sells the Usborne line of children's
books through its multi-level sales organization, through 5,100 retail stores
and over the Internet. The Company offers over 1,400 different titles for
children of all ages.
May 31, 2006 May 31, 2005
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Revenues
Gross Sales $ 10,743,378 $ 10,994,404
Less discounts & allowances (3,041,585) (3,111,541)
Transportation Revenue 405,184 343,816
Net Revenues $ 8,106,977 $ 8,226,679
Pretax earnings $ 1,090,548 $ 1,202,500
Income taxes 393,900 457,300
Net earnings $ 696,648 $ 745,200
Basic earnings per share $ .19 $ .20
Diluted earnings per share $ .18 $ .19
Weighted Average Number of
Common and Common Equivalent
Shares Outstanding:
Basic 3,756,461 3,738,133
Diluted 3,886,939 3,901,588
SOURCE Educational Development Corporation
-0- 07/13/2006
/CONTACT: Randall White, President of Educational Development
Corporation, +1-918-622-4522/
/Web site: http://www.edcpub.com /
(EDUC)